FINOS, the Fintech Open Source Foundation, announced new corporate members, bringing its membership to 55 members. BMO Financial Group (BMO) joins as a Platinum member, with Kim Prado, CIO, US – BMO Capital Markets, joining the FINOS governing board. In addition, the International Securities Lending Association (ISLA) joined as Associate members.
ISLA will expand value across data standards and interoperability, and both will work with FINOS on its overall goal to bring together fintechs and financial institutions through open source. ISLA issued a separate statement as well.
“This membership represents the next step in moving towards a true open-source contribution model for the Common Domain Model (CDM) for securities lending markets,” said Andrew Dyson, CEO of ISLA, in a statement. “That strategy we outlined earlier in the year, as we collaborate with fellow financial industry associations, ISDA and ICMA on a cross-market standard for capital markets transactions, lifecycle events and processes.”
BMO, the 8th largest bank by assets in North America, is on a customer-led shift to digital maturity. “Rather than reinvent the wheel over and over, financial firms have an opportunity to sustain innovation and build efficiency with open source technology development and operations,” said Kim Prado, CIO, US – BMO Capital Markets, in a statement.
“The adoption of open source technology in financial services is a way to bridge the gap across all firms in the financial ecosystem and power the next wave of developer-driven innovation,” said Gabriele Columbro, executive director of FINOS, in a statement. “We also expect to bring more fintechs and regtechs into our community, given the tremendous commercialization and go-to-market potential of our projects.”